Trading Symbol: TSXV: BMC |
|
Shares Outstanding: 166,283,160 |
WINDSOR, NS,
April 18, 2013 /CNW/ - Buchans
Minerals Corporation (TSXV: BMC) ("Buchans Minerals" or the
"Company"), and Minco plc (AIM Market: MIO) ("Minco")
are pleased to announce remaining drilling results (6 holes) from
the Woodstock manganese project in
New Brunswick. Results
include assays from the southern and northern ends of the deposit
(sections 10 North and 16 North, respectively), as well as one hole
drilled into the deposit's central portion (Section 13
North). All assays and technical information required to
compile a National Instrument 43-101 compliant resource estimate
for the Plymouth deposit have been
submitted to Mercator Geological Services of Dartmouth Nova Scotia, who expect to complete
a resource estimate in May.
Highlights from the final batch of results
include hole PL-25 drilled in the deposit's central area (Section
13 North) that returned an intercept of 9.17% Mn over a core
length of 82.8 m from 152.0 and 234.8 m (77 m approximate true
width) extending mineralization to depths of 100 to 150 m below
surface.
At the northern limit of the drill program, two
holes drilled on Section 16 North extended the deposit along strike
as both holes intersected two lobes of mineralization with the
larger lobe returning intercepts of 6.28% Mn over 58.3 m core
length from 15.7 to 74.0 m (hole PL-17, 55 m approximate true
width) and a deeper cut of 5.25% Mn over 27.0 m core length
from 113.0 to 140.0 m (hole PL-19, 26 m approximate true
width). A second lobe located immediately east of the larger
lobe also returned favorable assays including 10.97% Mn over 6.0
m core length in hole PL-17, and 6.14% Mn over 6.0 m core
length in hole PL-19. While these results demonstrate the
deposit remains open to the north, it is believed that the higher
grade mineralized sections are thinning and becoming diluted by
beds of less mineralized rock to the North.
Drilling on the southern end of the deposit at
Section 10 North (i.e. 600 m south along strike of Section 16
North) confirmed mineralization in this area and suggests
mineralization remains open to the south, though mineralized
sections are again becoming more diluted due to increased abundance
of weakly mineralized intervening beds. At this location,
drilling intersected at least three mineralized lobes extending
from surface where the mineralization is believed to be
approximately 65 m wide to depths of 175 m. Highlights on
this section include intercepts of 5.99% Mn over 20.5 m core
length (PL-23, 19 m approximate true width) and 8.59% Mn
over 31.4 m core length (PL-23, 30 m approximate true width),
as well as, 9.84% Mn over 29.0 m core length (PL-23, 27 m
approximate true width). Drilling on this section also
indicates the deposit remains open down dip. A map showing
drill hole locations, as well as sections showing detailed assays
can be viewed on the Company's website at
http://www.buchansminerals.com.
Summary of Plymouth drilling results: (core
lengths and intercept depths in metres)
Mineralization within the Plymouth deposit is interpreted to be hosted
by a steep, west dipping sedimentary sequence that likely
represents several lobes of mineralization within a synclinal fold
structure. The 2013 drill program was designed to allow
estimation of a National Instrument 43-101 ("NI-43-101") compliant
Inferred resource estimate for the historic Plymouth deposit. The program adds to
drilling results obtained by Buchans Minerals in 2011 (5 holes,
PL-11-6 to 11-10) as well as four holes drilled by past operators
in 1987 (PL-87-2 to 87-5) that the Company has examined (archived
cores) and obtained full assay certificates. Highlights of
the 2013 drilling program are summarized below.
Section 10N (near surface width 65
metres):
- Hole PL-21: 16.40% Mn over 0.9 m (17.7 to 18.6 m)
- Hole PL-23: 5.99% Mn over 20.5 m (41.0 to 61.5 m), and
8.59% Mn over 31.4 m (90.6 to 122.0 m), and 9.84% Mn over
29.0 m (152.0 to 181.0 m)
- Hole PL-24: 7.77% Mn over 36.5 m (106.5 to 143.0 m), and
7.28% Mn over 42.0 m (152.0 to 194.0 m), and 8.75% Mn
over 69.0 m (209.0 to 278.0 m)
Section 11N (near surface width 165
metres):
- Hole PL-18: 7.41% Mn over 29.5 m (44.0 to 73.5 m)
- Hole PL-20: 9.32% Mn over 202.0 m (12.0 to 214.0 m)
- Hole PL-22A: 11.28% Mn over 217.4 m (93.6 to 311.0
m)
Section 12N (near surface width 190
metres):
- Hole PL-13: 11.43% Mn over 19.0 m (11.8 - 30.8 m)
- Hole PL-14: 11.08% over 202.5 m (3.5 - 206.0 m)
- Hole PL-16: 10.11% over 99.0 m (89 - 188 m) &
11.56% over 30.0 m (215 - 245 m) & 13.23% over 39.0
m (302 - 341 m)
Section 13N (near surface width 235
metres):
- Hole PL-25: 9.17 Mn over 82.8 m (152.0 - 234.8 m)
- Hole PL-11: 11.25% Mn over 113.85 m (51.65 - 165.5
m)
- Hole PL-10: 11.27% over 101.0 m (10 - 111 m) &
11.67% over 78.0 m (153 - 231 m)
- Hole PL-09: 8.61% over 44.0 m (10 - 54 m) &
12.51% over 78.0 m (69 - 147 m)
Section 14N (near surface width 90
metres):
- Hole PL-08: 9.22% Mn over 63.0 m (80 - 143 m)
- Hole PL-07: 11.43% Mn over 89.0 m (21 - 110 m)
- Hole PL-06: 11.41% Mn over 45.0 m (5 - 50 m)
Section 15N (near surface width 65
metres):
- Hole PL-12: 9.35% Mn over 74.3 m (34.7 - 109 m)
- Hole PL-15: 10.01% Mn over 21.0 m (152 - 173 m) &
10.06% over 36.0 m (185 - 221 m)
Section 16N (near surface width 95
metres):
- Hole PL-17: 6.28% Mn over 58.3 m (15.7 - 74.0) m &
10.97% Mn over 6.0 m (89 - 95 m)
- Hole PL-19: 5.25% Mn over 27.0 m (113.0 - 140.0 m) &
6.14% over 6.0 m (173 - 179 m)
A drill hole location map, drill sections and
detailed assays for each of the above holes can be referenced on
the Company's website at http://www.buchansminerals.com
(April 4, 2013, March 20, 2013, February
14, 2013, September 26, 2011
and September 7, 2011 news
releases).
Plymouth Historic Resource:
The Plymouth
deposit is comprised of a non NI-43-101 compliant, historic,
uncategorized resource estimate totaling 151.2
million tons (46.5 million tonnes) averaging 10.9% Mn (manganese)
and 13.3% Fe (iron). This estimate was compiled by Strategic
Manganese Corporation in 1957 and is reported to include
mineralization extending from surface to depths of 500 feet (152
metres). The historical resource estimate is based on data obtained
and prepared by previous operators and neither Buchans Minerals nor
Minco has located original assay sheets or details of the
estimation methodology or the key assumptions or parameters,
underlying the estimate. A qualified person has not done sufficient
work to verify or classify the historical mineral resource estimate
as current mineral resources. Neither Buchans Minerals nor Minco is treating the
historic resource estimate as NI 43-101 defined current mineral
resources verified by a qualified person, and the estimate should
not be relied upon. Verification and classification of the
historical resource estimate as current mineral resources will
require considerable further evaluation. For this reason, the
Company undertook the recently completed resource drilling program
to provide sufficient reliable information to complete a NI 43-101
compliant resource estimate of the Plymouth mineralization. The Company has
retained independent consultants, Mercator Geological Services
Limited, of Dartmouth Nova Scotia
to complete a new NI-43-101 compliant estimate of resources.
1 Historic resource estimate
from an article written by K.O.J.
Sidwell, 1957: The Woodstock,
N.B., Iron-Manganese Deposits. Transactions of the Canadian
Institute of Mining and Metallurgy, Volume LX, 1957, p.231-236. The
article reports the resource is compiled from data acquired from a
total of 17,388 feet (5,300 metres) of drilling.
Minco Option:
Minco has the right to earn up to 50% interest
in Canadian Manganese Company Inc. ("CMC"), a wholly-owned
subsidiary of Buchans Minerals that owns 100% of the Woodstock manganese property. Minco has
committed to earning a 10% interest in CMC by making phase one
expenditures of $1.250 million to
fund drilling and resource estimation for an inferred resource at
the Plymouth deposit as well as
complete additional hydrometallurgical test work on the deposit to
optimize the flowsheet to produce high-grade electrolytic manganese
metal ("EMM").
Following this initial commitment, Minco will
have 30 days to elect to continue with further expenditures of
$750,000 over a period of six months
(phase two expenditures) to complete a preliminary economic
assessment ("PEA") on the Plymouth
deposit to earn a further 10% interest in CMC. If Minco elects not
to proceed with the second phase of expenditures, Buchans will have a 90-day option to buy back
Minco's 10% interest in CMC for $1.250
million.
Upon completion of the PEA, Minco will have an
exclusive 3 month option to elect to earn a further 30% interest in
CMC by completing an NI 43-101 compliant pre-feasibility report on
the Plymouth deposit within two
years (the budget to be determined at that time). Buchans Minerals
will be the operator for all work programs performed under the
option agreement with Minco.
Qualified Persons & QAQC:
Paul Moore, MSc,
P.Geo., (NL), Vice-President Exploration for Buchans Minerals is acting as a Qualified
Person in compliance with NI-43-101 with respect to the geological
technical information contained in this release and has reviewed
and approved the contents for accuracy. Except the historical
mineral resource estimate disclosed in this news release,
Paul Moore has verified the data
disclosed in this release, including the sampling, analytical and
test data underlying the information contained in this release, in
accordance with Buchans Minerals'
QA/QC protocols as described below. Results presented
from past work include drilling results and assays previously
released by Buchans Minerals in 2011 (2011 drilling assays) as well
as assays and geological information available in the public domain
as reported by past workers in 1988 in New Brunswick Department of
Natural Resources and Energy Open File Report 90-4.
Logging, sampling and assaying procedures were
completed by Buchans Minerals
personnel as per Buchans Minerals QA/QC protocols as described in
detail in the Company's press release of February 14, 2013. All assays were completed by
ALS Minerals as per procedures described in the Company's press
release of February 14, 2013.
Buchans Minerals appoints new Corporate
Secretary
Buchans Minerals is pleased to announce the
appointment of Basia Dzierzanowska as Corporate Secretary,
effective April 15, 2013, subject to
the approval of the TSX Venture Exchange. Ms. Dzierzanowska is a
partner with the law firm McInnes Cooper in Halifax, Nova Scotia, practicing in the areas
of corporate finance and securities law. Buchans would like to thank Suzan Frazer for her contributions to
Buchans as Corporate
Secretary."
About Buchans Minerals
Buchans Minerals is an Atlantic Canada based resource company that
has three main assets that include its 100% owned base metal
properties near Buchans in
Central Newfoundland (optioned to
Minco plc.), its 100% owned manganese property located near
Woodstock (optioned to Minco) in
New Brunswick and its 50% owned
gold & copper Long Range Property in central Newfoundland.
About Minco plc
Minco plc, registered in the Republic of Ireland and listed on the AIM
Market of the London Stock Exchange (AIM: MIO) is involved in
exploration and development activities in Canada at its Buchans, zinc-copper-lead-silver, volcanogenic
massive sulphide ("VMS") properties under joint venture with
Buchans Minerals Corporation, and indirectly in exploring and
developing silver-zinc properties in Central Mexico through its 29% shareholding in
Xtierra Inc., a company listed on the TSX Venture Exchange.
Minco holds 30 million shares (approximately
29%) in Xtierra Inc. listed on the TSX Venture Exchange (TSX.V:
XAG). Minco also holds 15 million shares (approximately 10%)
in Buchans Minerals listed on the TSX Venture Exchange (TSX.V:
BMC). For further information of Minco refer to Minco's website at
www.minco.ie.
Forward Looking Statements &
Disclaimer
Information set forth in this news release may
involve forward-looking statements under applicable securities
laws. Forward-looking statements are statements that relate to
future, not past, events. In this context, forward-looking
statements often address expected future business and financial
performance, and often contain words such as "anticipate",
"believe", "plan", "estimate", "expect", and "intend", statements
that an action or event "may", "might", "could", "should", or
"will" be taken or occur, or other similar expressions. All
statements, other than statements of historical fact, included
herein including, without limitation; statements about the
potential of the Buchans Minerals projects, are forward-looking
statements. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or other
future events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, the
following risks: the need for additional financing; operational
risks associated with mineral exploration; fluctuations in
commodity prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts
of interest among certain officers, directors or promoters with
certain other projects; the absence of dividends; competition;
dilution; the volatility of our common share price and volume and
the additional risks identified the management discussion and
analysis section of our interim and most recent annual financial
statement or other reports and filings with the TSX Venture
Exchange (the "Exchange") and applicable Canadian securities
regulations. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that
statements are made and Buchans
Minerals undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable
securities laws. Investors are cautioned against attributing undue
certainty to forward-looking statements.
Neither the Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this
release, and no securities regulatory authority has either approved
or disapproved of the contents of this release.
SOURCE BUCHANS MINERALS
CORP.